"Yes, this is the mercantilist world of Paul Krugman. Peaceful private exchange is an act of aggression, and aggression will deliver us from an imaginary 'liquidity trap.' Indeed, war is peace, freedom is slavery, and ignorance is strength."
Ultimately, the Keynesian's deficiency comes down to their lack of capital theory, which eventually leads them to believe in a very disjointed monetary theory.
In the long run, the religious "peace" of absolutist "moderation" turned out to be the peace of the grave for many Huguenots.
These are the people who said that there was no housing bubble, that there was no danger of financial crisis, and then that a financial crisis would not impact the real economy. These are the same people who said they needed a multitrillion dollar bailout of the financial industry, or we would get severe trouble in the economy.
Rival explanations — for example ones that claim government deficit spending doesn't help an economy — fit the evidence far better.
"Socialism and legislation seem to be inevitably connected if socialist societies are to keep alive."
Over two decades before the Spanish Jesuit de Mariana, George Buchanan arrived, for the first time, at a truly individualist theory of natural righ
The European experience, in fact, suggests that governments play absolutely no role in stabilization.
On the contrary, free enterprise and limited government have a proven track record and sound theoretical underpinnings.
The true tragedy of a fiat money regime is that bogus economic growth by way of monetary and fiscal stimulus can go on only until either the collapse of hyperinflation brings an end to the artificial boom or the amount of accumulated debt makes state bankruptcy inevitable.
